The Study On Venture Capital Withdrawal System In China

The withdraw mechanism of venture investment is a nuclearmechanism in the operation system of venture investment,it is a keyfactor to determine the success of venture investment.To establish an efficient and perfect suit of withdraw mechanism of venture investment is an indispensable and important segment of venture investment activities,it also has a far-reaching realistic meaning to the development of venture investment industry and economic construction of China at the present time.In chapter one,introduction sets forth the background of the thesis and the study intention.Also sums up some research findings about the exiting ways.Chapter two of the thesis analyze the connotation of the withdraw mechanism based of the theory of the withdraw mechanism of venture investment.Then expounds the actual significance of the withdraw mechanism of venture capital using modern enterprise theory.The third chapter introduces the exit mechanism in U.S. Germany and Israel.We can find that the exit of venture capital is affected with finance system,development of capital market and policy of venture capital.The forth chapter analyze the reality of our own exit mechanism.It points out the problems in China's curret exit system,which is legal restriction,faultiness in capital market, inefficiency in transaction of property rights and absence of an efficien service environment.The last chapter using the experience of U.S.and Europe and combining our own situation,the author puts forward some advices to solve the problems of our exit mechanism,such as,set up capital market with many-levels,government must create a favorable polity circumstance for venture capital to exit,balance the structure of the principal part of venture capital.